Enbridge CEO to retire
The company proposing to build the Northern Gateway oil pipeline to the West Coast from Alberta has announced its CEO will retire by the end of the year.
The company is expected to face a long and intense process of scrutiny during the public review leading to the decision on whether to approve its plans to build Northern Gateway, which would ship oilsands crude to a proposed tanker terminal in British Columbia.
Under Daniel's leadership since 2001, "Enbridge's share price has grown by 250 per cent and the average annual total shareholder return has been 15.8 per cent," chairman David Arledge said in a release.
"The market capitalization of the company has grown from $6.8 billion in January 2001 to $30.1 billion today. In 2011, Enbridge was the single largest point contributor on the Toronto Stock Exchange, delivering a total return to shareholders of nearly 40 per cent," Arledge said.
During the summer of 2010, Daniel spent months in southern Michigan following a pipeline rupture that spilled an estimated three million litres of crude oil into the Talmadge Creek and Kalamazoo River.
Friess called Enbridge's response to the spill a "stark contrast" to BP PLC's handling of the Macondo well blowout in the Gulf of Mexico a few months earlier, which was marked by a series of public relations blunders under the leadership of former CEO Tony Hayward.
"Although negative, it was really very well handled, I would say. I had never seen anything so transparently handled," said Friess. "He and [liquids pipeline president] Steve Wuori were in Michigan just doing public relations and making sure that everything was taken care of right on the ground. It was definitely not a hands-off exercise for them."
Northern Gateway is opposed by aboriginal groups, environmentalists and others concerned over what a spill on the pipeline, or from a tanker on the West Coast, could have on northern B.C. ecosystems.
Community hearings into the proposal are underway, with thousands of people registered to speak.
The Joint Review Panel had been expected make a recommendation to the federal cabinet on the pipeline by the end of 2012, but a decision is now expected a year later due to the sheer volume of comments it must hear.
"They've gotten the business behind them — which is kind of easy — but they've also gotten the government behind them, and I think ultimately that's what's going to allow this project to go forward," said Friess.
Enbridge CEO to retire